#MileiMemeCoinControversy President Milei’s promotion of the Libra memecoin attracted global attention from crypto investors. Within hours of its launch, the token’s value soared, reaching a market cap of approximately $4.5 billion. However, the excitement quickly turned to skepticism as social media users speculated about a potential rug-pull. In the crypto world, a rug-pull occurs when developers inflate a project’s value before abandoning it, leaving investors with significant losses.

Arkham Intelligence, a crypto analytics firm, reported that Libra was built on the Solana blockchain. As the token’s valuation exceeded $4 billion, President Milei’s tweet promoting Libra was deleted, raising questions about the legitimacy of the project. This deletion triggered a sharp decline in the token’s price, which plummeted by 95 percent shortly thereafter. Reports indicated that eight crypto wallets linked to the Libra token held a staggering 83 percent of the total supply, further fueling concerns about the project’s transparency and integrity. $SOL